When Is Government Sponsored Medicare Enough And When You Should Consider Supplement Insurance
At the age of 65, you can successfully apply for and health coverage under Medicare. This is good news for people who may not have been able to afford medical insurance due to under or unemployment, or financial constraints. While Medicare does enable people aged 65 and over to visit the doctor and go to the hospital when needed, it doesn't cover all related expenses and there are many other health care services that don't qualify. Medicare supplements will be needed if you want to go to the dentist for routine oral cleanings, schedule a trip to the ophthalmologist, or purchase a new hearing aid. Here are some limited situations in which you may be able to opt out of enrolling in Medicare supplements as well as all of the requisites that must be fulfilled.
When You Can Afford High Co-Pays, Prescription Medications, And Other Out-Of-Pocket Medical Expenses
First and foremost, Medicare is not a free health insurance plan. In order to be enrolled in Medicare you have to meet the minimum age requirement and pay the yearly deductible amount that applies, depending on what part you are covered under. At minimum, Medicare coverage will cost you approximately $200 per year. Once you have all of your Medicare premiums paid, you will have the majority of your preventative healthcare costs, such as yearly doctor's exams covered. Medicare supplements are recommended if you require anything more than routine medical screenings. Recipients who have diseases that require constant treatment such as diabetes or heart disease will pay lower out-of-pocket costs if they are enrolled in Medicare supplements that will cover excess expenses.
When You Or Your Spouse Already Have Employer Sponsored Insurance Plans
In the event that you or your spouse have comprehensive medical insurance under either of your employers, Medicare coverage may not be needed altogether. By default, you won't need to further investigate Medicare supplements if you aren't receiving Medicare coverage.
When You Are Eligible For Coverage Under A Child's Health Insurance Plan
Parents do not automatically qualify for healthcare coverage under their children's medical insurance plans. First, your child would need to be enrolled in health insurance coverage that included other relatives, such as your grandchildren or daughter or son-in-law. Second, there are only a limited number of health insurance companies that enable subscribers to add their parents to their health insurance policies. In many instances it is more convenient to simply apply for Medicare, find out which Medicare Supplements will provide you with the coverage that you need and control your own medical insurance benefits.
